Homework Help: math

Posted by carolyn on Thursday, December 9, 2010 at 7:24pm.

Luis put $800 in his saving account whichs pays 6% annual interest How much will he have in his account in a year if the interest is compounded quarterly?

what is the first quarter principle?

math - MathMate, Friday, December 10, 2010 at 9:55am
There are four periods, each (a quarter) will be paid (1/4) of 6% interest.
The accumulated amount at the end of the year will therefore be
A = 800*(1+0.06/4)^4
=$849.09

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